Why Ruckus Wireless Shares Skyrocketed

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Ruckus Wireless (NYSE: RKUS) have skyrocketed by as high as 14% today after the company reported earnings.

So what: Revenue in the second quarter came in at $63.9 million, besting the $62 million consensus estimate. The $0.05 per share in non-GAAP net income was also better than the $0.03 per share that the Street thought was in store.

Now what: CEO Selina Lo said the company is gaining momentum thanks to a record number of new customer wins and network expansions at existing customers. The company is the top brand being evaluated for Wi-Fi carrier deployments next year, according to a third-party study. Guidance next quarter should be in the range of $66 million to $69 million, with adjusted earnings per share of approximately $0.04.

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